The Economy

Debate between Ed Balls and Kwasi Kwarteng

Wednesday 22nd June 2011 Commons Chamber

[Ed Balls]

No, no, no.

Three months before the general election, the polls said that the Conservatives would get a majority. As the polls narrowed, our long-term interest rates fell, entirely disproving the point that the hon. Member for South Northamptonshire (Andrea Leadsom) makes.

[Kwasi Kwarteng (Spelthorne) (Con)]

The right hon. Gentleman spoke about responsibility earlier, but does he take responsibility for the appalling fiscal position we were in when we had the largest debt in peacetime?

[Ed Balls]

It is fine for the hon. Gentleman to be thinking of his intervention rather than listening to the answers, but the fact is that we had a lower budget deficit and lower national debt than we inherited in 1997. The IFS, in its report, “The public finances: 1997 to 2010” said:

“By 2007–08, the public finances were in a stronger position than they had been when Labour came to power in 1997.”

That entirely disproves his point.